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Stonegate chairman Ian Payne said Deltic's proposal offers no cash to investors and is "highly conditional and uncertain as to deliverability and timing".

Deltic said: "The combination of Revolution and Deltic would create a strong business of significant scale and expertise in the UK's late-night market, with both entities exhibiting a similar modus operandi.

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Deltic's new proposal would see Revolution's shareholders own 65 per cent of a combined group

"The town centre market remains fragmented and a combination of Deltic with Revolution will be well placed to penetrate their local markets alongside other operators of scale, such as Wetherspoons, Stonegate and Mitchells & Butler."

Deltic operates 57 bars and clubs including those operating under the Pryzm, Bar&Beyond, Steinbeck&Shaw, Atik and Fiction brands.